Surely, $31 Trillion Is Enough Debt

From Mr. Kudlow’s broadcast on Fox Business News:

Surely, $31 Trillion Is Enough Debt

The president does get the bragging rights to more than $6 trillion of spending and borrowing — even though he never mentions it.

By: Lawrence Kudlow,  January 25, 2023:

So, to begin: Save America. Stop the spending.

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House Republicans are on this quest, doing the lord’s work in the effort to reduce inflationary federal spending as the price to pay for an increase in the debt ceiling. Surely, $31 trillion of debt is enough. Federal spending under President Biden is now at 24 percent of GDP, almost a quarter of our economy. Isn’t that enough?

Spending by federal, state, and local governments is 44 percent of GDP. Almost half the economy — run by the government. That’s nothing if not big-government socialism.

Mr. Biden and his Democrats will do anything and say anything to avoid spending reductions. So, here’s the president again on the hustings with the “big lie” about Republicans: “They want to cut your Social Security, Medicare. Now, this is the God’s truth. It’s almost unbelievable. And beyond that, they’re actually threatening to have us default on the American debt.”

Mr. Biden keeps saying this. So do the Senate majority leader, Charles Schumer, and the House minority leader, Hakeem Jefferies. It is completely untrue.

Just ask Speaker McCarthy. “None of that is true” is what he replied after I said to him: “They’re saying you’re going to cut Social Security, you’re going to cut Medicare, and you’re going to default on the interest payments on the bonds.”

I ask again, could Mr. McCarthy be any clearer?

The the point is: Mr. Biden and the Democrats will say anything. Frankly, it goes beyond cognitive dissonance — it’s just the kind of Big Lie that authoritarians or totalitarians have used forever to attempt to turn a lie into the truth through repetition. It’s a very sad state of affairs on their part.

Now, Mr. Biden is out there today praising the GDP economic report for the fourth quarter. Well, if I were you, I wouldn’t, Mr. President. First, for the entire year, 2022 real GDP increased by a miniscule 1 percent. It’s the smallest rise since the financial meltdown in 2008-09.

I’m measuring, as economists do, fourth quarter over fourth quarter. Like any business, year-end to year-end. On the same basis, the inflation rate registered 6.3 percent, the highest in 40 years.

Essentially, the skyrocketing inflation was caused principally by Mr. Biden’s $2 trillion so-called Rescue Act in March 2021, plus an unnecessary trillion-dollar Green New Deal infrastructure bill, plus an equally unnecessary Intel Corporation bailout, plus another Green New Deal bailout totaling nearly $800 billion, plus the monstrosity that was the $1.7 trillion omnibus bill.

So, we’re talking more than $6 trillion of spending and borrowing.

Mr. Biden gets the bragging rights to that — even though he never mentions it. The people paying for his woke central-planning government policies are essentially the middle class and others lower on the income scale.

Today, Mr. Biden was trying to brag that real wages are going up. Well, the reality is real wages for typical families have fallen 21 consecutive months, when properly measured on a 12-month, year-on-year basis — ever since his first so-called rescue plan in 2021.

In just the past year, in the December employment report, average hourly earnings for all employees increased 4.6 percent for the past 12 months.

Meanwhile, consumer prices in December increased 6.5 percent for the past 12 months. Because 6.5 is higher than 4.6, Mr. Biden’s arithmetic is, shall we say, questionable.

Finally, if you look under the hood of today’s GDP report, the basic core economy — which is consumer spending and business investment, C+I — was basically flat. All of the strength in the 2.9 percent number came from a huge inventory buildup, which will be reversed in the next quarter or two.

So, I must say, unfortunately the economic outlook appears to be negative GDP for the next quarter or two. Save America. Stop the spending. And, for heaven’s sake, tell the truth.

The Truth Must be Told

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Merchantseamen

1 year ago

They are all liars. They can’t help themselves as they garners more and more cash through their nefarious deals and corruption. Good Lord says if you hate in your heart you are committing murder. Well…………I dislike these people very, very much. There will be a special hell of these pricks.

2

Walter Sieruk

1 year ago

The ancient Greek Philosopher, Plato, did have a good valid point when he had written “The measure of a man is what he does with power.”

When applying that wise statement to Joe Biden, his “measure” is more than lacking, it’s outright terrible.

From his wrecking the economy of the United States and likewise adding terribly to US national debt.

2

Harry

1 year ago

Reply to  Walter Sieruk

We know you have told us hundreds of times, try and remember.

5

Walter Sieruk

1 year ago

Reply to  Harry

Some people do be be reminded , because they have very short memories.

0

Snowedin

1 year ago

One Trillion is way too much debt. The ones who continue to cause the debt to increase have to be removed.

2

D

PatD

1 year ago

In obidens defense he has no clue that he signed any bills. In fact the moron has no comprehension on what he is saying or doing at any time of the day!

1

D

Laddyboy

1 year ago

Reply to  PatD

@PatD; I hold his HANDLERS culpable!

0

D

Laddyboy

1 year ago

AHHH! Another picture of MINI HITLER on display! It is a SHAME he has not the capacity to comprehend his abused usage by his HANDLERS!

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Doyle Hargraves

1 year ago

The democrats have been trying to scare people with tactics like that for as long as I can remember. The problem is that the people that vote for democrats are uninformed and buy it. Idiots.

1

Doyle Hargraves

1 year ago

Reply to  Doyle Hargraves

The truth is the democrats under Bill Clinton cut SS benefits when they retroactively raised taxes on SS benefits immediately after he took office.

1

TRM

1 year ago

And how many trillions of that were added under Trump? Seven? Eight?

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